ResTech Startup sunday Nets $100M in Series A Funding

Atlanta, Georgia-based restaurant payment solution startup sunday on Wednesday (Sept. 22) announced it had generated $100 million in Series A equity funding. Coatue, as well as partners of DST Global and several other investors from the hotel, restaurant, hospitality and technology industries, led the most recent funding round, according to an emailed statement from sunday.

Funds will be used to speed up growth, in part by doubling its staff within the next year, according to the company. In addition, sunday intends to broaden its geographic presence and recruitment in Europe and North America, integrate 100 point-of-sale (POS) systems by the end of 2022 and add 15,000 restaurants by the end of next year.

The 5-month-old company set out to change the way customers pay in restaurants by introducing its QR-based payment offering. With its latest funding round – the second since its inception – sunday plans to expand its offerings to the mass market.

“This new investment round is a remarkable opportunity for sunday to build a powerful tech stack and develop new product features such as ordering and loyalty programs,” said Christine de Wendel, co-founder and U.S. CEO at sunday.

With a goal of simplifying the customers’ bill-paying process while dining out, sunday devised a payment system that so far has been launched in more than 1,500 restaurants, representing an annual transaction volume of more than $1 billion. To date, sunday has 1.1 million users. Since the company’s founding, sunday has expanded its staff with the hiring of 170 employees across the U.S., U.K., Spain, France and Canada, according to the news release.

sunday is not the only restaurant technology provider poised for growth. Point-of-service vendor Toast priced its initial public offering (IPO) higher than the range at $40 per share, driving the platform’s estimated valuation to $20 billion, as PYMNTS reported. The IPO comes on the heels of the company’s 125% boost in gross payment volume in the second quarter of this year.

Read more: ResTech POS Startup Toast Prices Shares at $40 Each for $20B Valuation